GGN vs NEM: Correlation
GAMCO Global Gold, Natural Resources & Income Trust (GGN) and Newmont (NEM) show a strong relationship: their 3-year correlation of weekly returns is 0.76.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGN and NEM?
Over the past 3 years, GGN and NEM moved with a correlation of 0.76, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.88 versus 0.76 over 3 years. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 602.9 %².
Within GGN's tracked universe of 17 assets, NEM comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NEM ahead by 56.1 points (+28.6% versus +84.7%). Risk is not evenly split, since NEM carries 2.3 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
GGN vs NEM: side by side
| GGN (GAMCO Global Gold, Natural Resources & Income Trust) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +28.6% | +84.7% |
| 5-year return | +128.2% | +165.9% |
| Volatility (ann.) | 18.5% | 43.0% |
| Beta vs S&P 500 | 0.36 | 0.87 |
| Max drawdown (3Y) | -16.9% | -36.6% |
| Market cap | – | $139.4B |
| P/E (trailing) | 2.8 | 16.6 |
| Dividend yield | 6.36% | 0.78% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | GGN | NEM |
|---|---|---|
| 2022 | +6.8% | -20.8% |
| 2023 | +14.1% | -8.8% |
| 2024 | +9.6% | -7.8% |
| 2025 | +48.2% | +172.8% |
| 2026 | +15.4% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGN and NEM good diversifiers for each other?
Only partially. A correlation of 0.76 means GGN and NEM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GGN and NEM?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.88 over the last year and 0.67 over 5 years.
Is NEM a good diversifier for GGN?
Only partially. A correlation of 0.76 means GGN and NEM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ggn-vs-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ggn-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GGN correlations · NEM correlations
